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18 DESCRIPTION OF THE BUSINESS Developments a particularly rigorous investment strategy 9. Developments a particularly rigorous investment strategy The putting together of real estate developments is an integral part of ANF’s value creation strategy. Close to 130,000 square metres in new developments on ANF’s land reserves will be completed by 2014. 9.1 Developments The putting together of real estate developments is an integral part of ANF’s strategy to create value for its shareholders. Close to 130,000 square metres in new developments on ANF’s land reserves or major restructurings will be completed over the medium-term. Such developments accordingly ensure a pipe-line of rental income growth over the coming years. ANF has adopted a particularly rigorous investment strategy with regard to the management of its developments. Accordingly, all developments are on land fully 9.2 Completed developments ANF has already undertaken and completed three developments in Marseilles Mazenod, Marseilles This is a 446 space car park on 13 levels. The car park, only a short distance from the place de la Joliette, is in response to strong demand for parking spaces from the area’s companies and inhabitants. It was completed in Q3 2007. Total investment excluding land amounted to €9 million. 5 place de la Joliette, Marseilles This offi ce and retail property is located on place de la Joliette and demonstrates ANF’s expertise in renovation. This mixeduse building, with 2,638 square metres of offi ce space and ANF • 2009 ANNUAL REPORT � controlled by ANF and in prime locations. Building work only begins once marketing has been partly or fully completed and fi nancing secured. ANF has never undertaken any speculative developments. These developments are fi nanced in part by a €250 million credit facility arranged in July 2007 on favourable terms. To round off the fi nancing, ANF also plans to arrange developmentspecifi c loans. It is in this way that the Forbin development was funded in partnership with the Marseilles bank Martin Maurel. 530 square metres of retail premises, was completed in Q4 2007. Total investment excluding land was €6.2 million. Trinquet, Marseilles Contents ANF has built tourist accommodation at the heart of the Euroméditerranée district, which will contribute to the district’s revival. It is already leased to Adagio City Aparthotel (joint venture between the Pierre & Vacances Group and Accor) and contains 142 tourist accommodation units, 20 residential units and 141 underground parking spaces on three levels. It was completed in Q4 2009. The total investment was around €18.5 million. Rent is around €1.1 million and the residential component was sold at an average price of €4,000 per square metre including the parking spaces. OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS
9.3 Committed and secured developments Three developments are currently underway in Marseilles and Lyons. Taken together, these developments represent a total investment of around €57 million. These developments are partly fi nanced by means of a €250 million credit facility (Calyon) and by dedicated fi nancing of around €6 million provided by the Martin Maurel bank. Fauchier, Marseilles This new offi ce and residential programme, located close to place de la Joliette, will suit companies looking to be at the heart of the business district, as well as meeting demand from new residents working in the area. The development consists of 19,500 square metres of net fl oor space, breaking down into 13,000 square metres of offi ce space and 6,500 square metres of jointly-marketed residential units, plus a 305-space car park. Completion of the offi ces is scheduled for Q4 2010 with residential units following in H1 2011. A portion of the offi ce programme has been sold offplan and the other portion is already leased to a single tenant for €2.1 million. 9.4 Development programme A €268 million programme has been drawn up involving both the construction of new buildings on the Company’s land reserves and the complete overhaul of certain real estate blocks. The new developments (Rabatau, Rive Neuve, Block 34) have been granted the necessary permits (with the exception of Rive Neuve). In parallel, ANF is also completely overhauling certain real estate blocks (Dames, Block 25, Pavillon Vacon, TAT). A. Rabatau, Marseilles In this district adjoining Boulevard du Prado, ANF can build an offi ce building with a total surface area of around 3,900 square metres, within a period of 13 months. Rental income is estimated to be around €0.6 million. As part of this project, ANF is applying the HQE (Haute Qualité Environnementale – High Environmental Quality) standard with a view to having the building certifi ed. B. Rive Neuve, Marseilles The Rive Neuve project, located in the Vieux-Port district of Marseilles, is intended to renovate some 3,200 square metres of offi ce space and retail premises (442 square metres of which already existed) with rental income of around €0.7 million. It is anticipated that this work will take 18 months from start to fi nish. As part of this project, ANF is applying the HQE standard with a view to having the building certifi ed. C. Block 34, Marseilles Continuing its policy of actively investing in Marseilles, ANF will develop a programme consisting of around 26,000 square metres Forbin, Marseilles DESCRIPTION OF THE BUSINESS Developments a particularly rigorous investment strategy Close to place de la Joliette, ANF has started the construction of a 125 rooms hotel to be completed in Q4 2010. The hotel will be operated by the B&B chain, France’s third largest budget hotel chain. Rental income is expected to be around €0.6 million. Mansard-style attic space, Lyons ANF has identifi ed about 5,100 square metres of Mansard-style attic space that requires major renovation before being rented. This renovation should make it possible to create around 119 apartments completed between 2009 and 2011. This work is being carried out in close cooperation with Architecte des Bâtiments de France, in particular for the restoration of the façades and roofi ng. These spaces did not previously generate income. The fi rst renovated apartments were completed and rented in 2009. Total investment excluding land is about €15.0 million. of residential units, offi ce space, a hotel, a residence for the aged and retail premises (some of which may be sold off) on block 34, its land adjoining the new hospital. The offi cial permits connected with this project have all been cleared and the future rental income is estimated to be €4.0 million. D. Dames, Marseilles � On Boulevard des Dames, ANF will restore a Haussmann-style block with 10,000 square metres of retail premises and residential units. The rental income is expected to be around €1.3 million, following 24 months of work. E. Block 25 – Retail premises, residential units and offi ce space, Marseilles ANF merged a number of retail premises that are currently vacant and will redevelop them. This complex is located in the immediate vicinity of place de la Joliette and will be available following 12 months of work. ANF will also renovate the offi ces and residential areas. Rental income is estimated to be around €2.8 million. F. Pavillon-Vacon, Marseilles Contents ANF is restructuring a central block with a surface area of about 10,000 square metres: optimising residential units and altering the ground fl oor layout so as to create retail premises in this soughtafter area, close to rue Saint Ferréol. The fi nal portion of the work will be completed in 2010. Rental income is estimated to be around €2.2 million. ANF • 2009 ANNUAL REPORT 19 OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF OF THE BUSINESS
Page 1 and 2: egistration document 2009
Page 3 and 4: 2009 Annual Report � The Registra
Page 5 and 6: DESCRIPTION OF THE BUSINESS 1. PROF
Page 7 and 8: of listed real estate companies hav
Page 9 and 10: Furthermore, as part of its asset r
Page 11 and 12: DESCRIPTION OF THE BUSINESS Propert
Page 13 and 14: 7. Lyons at the heart of the old ci
Page 15 and 16: ANF’s goal is to maintain the hig
Page 17 and 18: ANF had the following real estate a
Page 19: To return the buildings to their fo
Page 23 and 24: DESCRIPTION OF THE BUSINESS (€ th
Page 25 and 26: A new ANF tenant in the cities of L
Page 27 and 28: 13. Key Figures SIMPLIFIED INCOME S
Page 29 and 30: 1. INCOME FROM OPERATIONS 28 1.1 Fa
Page 31 and 32: The ILC index applies to leases sig
Page 33 and 34: sales of €29.7 million and partia
Page 35 and 36: • property held for sale worth
Page 37 and 38: Income statement Net income in 2009
Page 39 and 40: 1.4 Financial structure Consolidate
Page 41 and 42: 1.5 Events occurring after the bala
Page 43 and 44: Name and age Bruno Keller Age: 55 C
Page 45 and 46: Members of the Supervisory Board 1.
Page 47 and 48: Name and age Delphine Abellard (1)
Page 49 and 50: Name and age Sébastien Bazin* Age:
Page 51 and 52: Name and age Jean-Luc Bret Age: 63
Page 53 and 54: Name and age Alain Lemaire* Age: 60
Page 55 and 56: Name and age Henri Saint Olive Age:
Page 57 and 58: INFORMATION ABOUT ANF 2.2 Declarati
Page 59 and 60: Members of the Executive Board and
Page 61 and 62: Ghislaine Seguin, Member of the Exe
Page 63 and 64: Members of the Executive Board and
Page 65 and 66: INFORMATION ABOUT ANF Corporate gov
Page 67 and 68: TABLE 5: STOCK OPTIONS EXERCISED BY
Page 69 and 70: Stock options are granted during th
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down into €21,783,916.96 charged
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Accordingly, the new purchase price
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3 Risk management, risk factors and
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Risks related to information system
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Since June 1, 2006, lessors are req
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3.5 Risks related to B&B Hotels Gro
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2007 INFORMATION ABOUT ANF Voting r
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Pursuant to the regulations in effe
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5. Sustainable development 5.1 Huma
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INFORMATION ABOUT ANF Reports and i
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otherwise exercisable, immediately
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The maximum purchase price per shar
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4. resolves that this delegation of
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e retroactive, from which the new s
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up to the limits set out by applica
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The extraordinary resolutions propo
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website (www.medef.fr) (“Code de
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The Statutory Auditors were duly in
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• liabilities or similar instrume
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analysis of turnover by supplier, e
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Within ANF, a profi t-sharing agree
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CONSOLIDATED FINANCIAL STATEMENTS I
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CONSOLIDATED BALANCE SHEET - TOTAL
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STATEMENT OF CHANGES IN SHAREHOLDER
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Detailled contents HIGHLIGHTS OF TH
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using the fair value convention. In
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As of December 31, 2009, fi ve buil
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A review of the rental base for fi
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d) Stock option plan granted in 200
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Earnings per share (IAS 33) Basic e
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CONSOLIDATED FINANCIAL STATEMENTS N
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Note 2 Receivables maturity schedul
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ANF’s former Chief Operating Offi
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Note 10 Covenants With respect to l
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Note 14 Associates CONSOLIDATED FIN
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Note 16 Earnings per share CONSOLID
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Note 20 Interest rate risk exposure
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III - Specifi c checks and disclosu
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ANNUAL FINANCIAL STATEMENTS Pursuan
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Balance sheet at December 31, 2009
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Notes to the financial statements D
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espect of which depreciation period
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The real estate assets break down b
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Non-current fi nancial assets (€
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Note 8 Change in shareholder’s eq
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Note 10 Debt maturity schedule (€
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Note 14 Covenants With respect to l
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Note 16 Headcount As of December 31
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Stock option plan granted in 2007 D
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Stock option plan granted in 2009 D
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Note 22 Extraordinary items ANNUAL
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III - Specifi c checks and disclosu
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PRO FORMA FINANCIAL INFORMATION �
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OTHER GENERAL INFORMATION 1. PERSON
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Statutory Auditors’ fees TABLE OF
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If the ownership threshold is not m
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OTHER GENERAL INFORMATION Other inf
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3.2 Share capital Number of shares
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violation of these Articles of Asso
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to a specifi c situation, or conver
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or vote on the project in question
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OTHER GENERAL INFORMATION Other inf
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5.6 History Important events in the
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In accordance with RICS rules, we w
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• Three assets are under fi nance
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Contacts
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION Concordan
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OTHER GENERAL INFORMATION � Conte
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Head office : 32, rue de Monceau -
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